Greek shipowners can’t purchase fuel due to capital restrictions

Capital restrictions introduced by the Greek government could have a ripple effect on Greek shipowners leaving their ships stranded as they are unable to buy fuel.

The estimate relates to up to one fifth of the country’s fleet, according reports the Telegraph, which have been prevented from doing business outside the country as a result of the capital controls implemented as the country had run out of Euros.

“There is a problem in the industry because many companies cannot buy any oil,” a source at the Zouros Shipping Company in Piraeus told newspapers. “Many ships are locked in harbours – maybe as many as 20pc – and are not allowed to make payments outside the country because of capital controls.”

The effect of the capital controls is the biggest on smaller companies dependent on local banking system, said Zouros,while for bigger players with accounts outside Greece it remains business as usual.

An update from Inchcape Shipping Services (ISS) on port operations in Greece and local conditions to 7 July 2015, said there were no issues or changes of itinerary because of capital restrictions with respect to cruises.

Piraeus container terminal has not reported operational delays in port operations since capital restrictions were enforced and the only vessel supply operation presently affected is delivery of ‘Cash to Master’ for any vessel type.

ISS said that foreign bank card holders could use ATMs, but remittances outside Greece from a Greek bank account are still not possible.

As gathered, there have been no incidents to date affecting port safety and/or security.

ISS said that imports are expected to be affected with time but for now only for local importers that do not have a non-Greek bank account.

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